Rocket Lab USA (NASDAQ:RKLB) Trading 3.4% Higher on Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s stock price was up 3.4% on Tuesday after The Goldman Sachs Group raised their price target on the stock from $14.35 to $16.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rocket Lab USA traded as high as $22.37 and last traded at $21.99. Approximately 6,520,766 shares changed hands during trading, a decline of 63% from the average daily volume of 17,609,828 shares. The stock had previously closed at $21.26.

Several other analysts also recently issued reports on RKLB. Morgan Stanley lifted their price target on Rocket Lab USA from $18.00 to $20.00 and gave the company an "equal weight" rating in a research note on Monday, March 10th. TD Cowen raised Rocket Lab USA to a "strong-buy" rating in a research note on Monday, February 24th. Wells Fargo & Company dropped their price target on Rocket Lab USA from $21.00 to $18.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. KeyCorp dropped their price target on Rocket Lab USA from $32.00 to $28.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Finally, Citigroup lowered their target price on Rocket Lab USA from $35.00 to $33.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $23.50.

Insiders Place Their Bets

In other Rocket Lab USA news, insider Frank Klein sold 44,553 shares of the business's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $18.18, for a total transaction of $809,973.54. Following the transaction, the insider now owns 1,419,479 shares of the company's stock, valued at $25,806,128.22. The trade was a 3.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 13.70% of the company's stock.

Hedge Funds Weigh In On Rocket Lab USA

Institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd grew its position in Rocket Lab USA by 33,437.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 20,793 shares of the rocket manufacturer's stock worth $372,000 after buying an additional 20,731 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Rocket Lab USA by 4,904.6% in the 1st quarter. Russell Investments Group Ltd. now owns 19,668 shares of the rocket manufacturer's stock worth $352,000 after acquiring an additional 19,275 shares in the last quarter. Meridian Wealth Management LLC raised its position in shares of Rocket Lab USA by 117.9% in the 1st quarter. Meridian Wealth Management LLC now owns 46,120 shares of the rocket manufacturer's stock worth $825,000 after acquiring an additional 24,959 shares in the last quarter. Nuveen LLC acquired a new stake in Rocket Lab USA in the first quarter valued at approximately $23,964,000. Finally, Zevenbergen Capital Investments LLC acquired a new stake in Rocket Lab USA in the first quarter valued at approximately $3,033,000. Institutional investors and hedge funds own 71.78% of the company's stock.

Rocket Lab USA Price Performance

The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. The business has a fifty day simple moving average of $19.71 and a 200 day simple moving average of $22.20. The stock has a market capitalization of $9.98 billion, a P/E ratio of -59.46 and a beta of 2.04.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). The business had revenue of $122.57 million for the quarter, compared to the consensus estimate of $120.74 million. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. The business's revenue was up 32.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.09) earnings per share. On average, analysts expect that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current year.

About Rocket Lab USA

Rocket Lab USA, Inc, a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets.

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